SIC, state-owned insurance company, has posted impressive results for the year ending December 2022, with all key drivers seeing a lot of improvement at the end of accounting year.
The total assets saw a massive jump to GHS 729 million in 2022 from the GHS 688 million recorded in the same period in 2021. According to SIC, the growth in assets was primarily due to a rise in SIC’s short-term investments and cash and bank balances.
Short-term investments, in particular, grew from GHS 105 million in 2021 to GHS 202 million in 2022, a staggering 92 percent increase in just one year. The company’s cash and bank balances also saw significant growth, rising from GHS 56 million to GHS 94 million year-on-year.
However, liabilities on a year-on-year basis rose from GHS 320 million to GHS 362 million, with unearned premium and outstanding claims being the primary drivers of the increase, standing at GHS 140 million and GHS 54 million, respectively, at the end of December 2021. Despite this, SIC has maintained a strong cash position, which has helped boost its total assets in 2022.
Total Income
Total comprehensive income for SIC at the end of December 2022 stood at GHS 9 million, a significant decrease from the GHS86 million total comprehensive income recorded at the end of December 2021. This decline, according to SIC, can be attributed to several factors, including the rise in liabilities and the impact of the COVID-19 pandemic on the insurance industry.
SIC’s impressive results in 2022 are a testament to the company’s commitment to providing quality insurance services to Ghanaians. As a state-owned insurance company, SIC is dedicated to supporting the economic growth of Ghana by providing insurance services that protect individuals, businesses, and government entities from various risks.
Looking forward, SIC’s management team said it is focused on developing new insurance products that meet the changing needs of its customers and the broader market. The company indicated it is also exploring opportunities to expand its operations in the West African region and beyond.
SIC’s strong financial performance in 2022 is a reflection of the company’s dedication to providing quality insurance services to its customers. The company’s commitment to innovation, customer service, and sound financial management will undoubtedly ensure its continued success in the years ahead.
The recent remarkable performances by SIC led to the company declaring attractive dividends to it’s shareholders. SIC Insurance Plc, recently paid a dividend of GH¢0.046 per share for the year ended December 31, 2021. This was approved and declared at the company’s 15th annual general meeting held virtually in Accra.
The 2021 year ending dividend, which translated to GH¢9million, represents an increase of 200 per cent over the previous year’s dividend paid and the largest total payout of dividends in the company’s history.
SIC Insurance Plc indicated that it is focused on deploying technology and international best practices to provide its customers with tailored solutions, superior services and specially designed programmes to assist its patrons through a network of regional and agency offices across the country.
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